Special banking laws annotated

ECONOMIC and financial education has always been an important component of the Bangko Sentral’s goal of developing an inclusive financial system that can ultimately empower the different segments of our society.

In line with this advocacy, the Bangko Sentral ng Pilipinas just recently published the “Special Banking Laws Annotated” to educate and enlighten academicians, bankers, and the public on the provisions of various special banking laws.

This book, researched and written by an illustrious group of more than 30 lawyers of the BSP’s Office of the General Counsel and Legal Services or OGCLS, is the latest addition to the series on the country’s banking laws. OGCLS is headed by Deputy Governor Juan de Zuniga Jr.

The first book entitled, “The New Central Bank Act Annotated,” was launched in July 2010, while the second book, “The General Banking Law Annotated,” was launched in August 2011.

he “Special Banking Laws Annotated,” or the so-called Book III, provides authoritative vantage points and commentaries on special banking laws such as the Thrift Banks Act, Rural Banks Act, Special Provisions on Cooperative Banks from the Cooperative Code, Non-Stock Savings and Loan Associations Act, Philippine Deposit Insurance Corporation Charter, Secrecy of Bank Deposits Law, Foreign Currency Deposits Act, Truth in Lending Act, Usury Law, and Unclaimed Balances Law.

In the book’s foreword, Ret. Chief Justice Reynato S. Puno said he was not aware of any central bank authority in the world that has undertaken the intellectual endeavor of coming out with the “Special Banking Laws Annotated.”

“But more than path-breaking, its impact in our expanding economy will be immeasurable,” Puno pointed out.

For one, the retired chief justice said, the book gives the public easy access to the country’s scattered laws on banking -- available only to those with special interest on the subject.

“This lack of access by the people is crucial for it drives away many of them from patronizing the services of banks which are the primary engines of our economic growth,” Puno said.

He added, “The annotations are reader-friendly and guaranteed to remove the scales of ignorance from the eyes of the unknowing.”

BSP Governor Amando M. Tetangco Jr. shared that the book’s discussions promoted understanding not only of the laws that govern particular banking institutions and consumer rights, but also of their policy implications and operational context.

“To us, the completion of our three legal books constitutes a major step forward in our continuing program to promote understanding of banking laws and regulations not only among banks, government institutions, business, legal practitioners and the academe, but also among bank customers and the public in general,” Tetangco said.

With this week’s launch of “Special Banking Laws Annotated,” I am one with the BSP officials and the book’s editorial board in hoping that this legal book project will promote better comprehension of, and hopefully better compliance with, banking laws and regulations among all sectors of our society.

Just like the raison d'être in the publication of my book, “Central Banking for Every Juan and Maria,” I believe that proper knowledge and understanding of our banking laws play an indispensable role in building a strong and vibrant Philippine economy which will provide a better life for all Filipinos.

Note: My book “Central Banking for Every Juan and Maria” is now available at the following Fully Booked outlets: Bonifacio Global City, Rockwell and Katipunan Avenue. Also at Power Books, Alabang Town Center.